Monday, August 15, 2011

Morning ES Review 08/15/11

The market is back to its 10-day moving average, which many traders use as a dividing line between short-term bullishness and bearishness. We may start to see a decrease in bullish momentum, barring any fantastic economic news.

The market has been able to correct to the 38% level. It we are still in a strong bear market, this may be as far up as the market goes. Normal corrections usually top out in the 38 to 62% range.


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